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Talos Energy (New York Stock Exchange: CASA) +0.9% in trading Wednesday after saying it began oil and natural gas production at its Lime Rock and Venice discoveries, located near its Ram Powell platform in the U.S. Gulf of Mexico; Talos owns a 60% stake in both wells.
Talos (TALO) said the two wells came online last month and achieved an initial combined gross production rate of more than 18.5 thousand boe/day, averaging ~45% oil and 55% liquids .
The company forecasts a combined 20 million to 30 million boe of gross recoverable resources from the two discoveries.
“The safe startup of Lime Rock and Venice in less than 12 months is an extraordinary achievement by our operations team,” said President and CEO Timothy Duncan, adding that the new production should help Ram Powell achieve its highest combined sustainable production rate in 15 years.
